68 Fla. 316 | Fla. | 1914
The Mutual Life Insurance Company of New York brought a bill of interpleader against Man assé and The Dú tton Bank, in which it is alleged that in 1893 the insurance company issued- a 20 payment life police of insurance for $3,000.00 upon the life of Joseph Manasse, he being the beneficiary; that in June, 1908, the wife of Manasse was made the beneficiary, if living, if not, to the insured’s executors, etc.; that in July, 1908, a loan Of $810.00 was made to the beneficiaries; that the loan was never paid; that on June 29th, 1910, Manasse áñd
• The question whether The Dutton Bank is a bona fide holder for value of a valid assignment of the entire policy and its proceeds is fully presented in this proceeding to which Manassee in a party. If the Dutton Bank had no notice or knowledge of the agreement purporting to qualify the assignment to the First National Bank it may have title as against Manasse, since the Dutton Bank has an absolute assignment which was in the hands of the First National Bank with the policy, and such assignment made no reference to the agreement. The loss, if any, resulting from the possession by the First National Bank of - the absolute assignment should fall on the one who is responsible for its existence independent of the agreement, rather than upon the Dutton Bank which took in good faith for value the outstanding absolute assignment without knowledge or notice of the agreement, if such is the case.
By analogy to the holding in Sammis v. L’Engle, 19 Fla. 800; Morrill v. Manhattan Life Ins. Co., 183 Ill. 260, 55 N. E. Rep. 656; Enterprise Lumber Co. v. First Nat. Bank of Dothan,-Ala.-, 61 South Rep. 930; and to other cases cited in 23 Cyc. 11, 4 Cooley Insurance Briefs, 3816, the allegations of the bill of complaint appear to be sufficient for the purposes of an interpleader. As the issues relative to both claims were fully made up by all the parties and testimony taken upon the issues made, the court was in a position to adjudicate the entire matter so as to be binding upon all the párties without requiring further litigation of any nature. Under these circumstances the decree dismissing the bill of complaint is reversed and the cause is remanded for further proceedings to fully dispose of the entire controversy.